If you’re finally done filing last year’s return, you might wonder: Which tax records can you toss once you’re done?

files and books of paper stacked across a shelf; image used for blog post about keeping tax records or throwing them away

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) Now is a good time to go through old tax records and see what you can discard.


Continue Reading Keep Tax Records or Throw Them Away?

You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household worker (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.

A nanny is babysitting two little children. Your household may be eligible for nanny tax because she is a household worker.

If you employ a household worker, you aren’t required to withhold federal income taxes from pay.

Continue Reading How a Household Worker Qualifies for Taxes